The technology industry moves faster than most people could ever realize. Although in the US and the UK we typically see these large leaps in tech happen in yearly increments (such as when Apple, Samsung or HTC update their flagship phones), the tech industry in China works on much quicker 3 month cycles. Not too long ago in June we welcomed in QHD displays as new and significant innovations, such as with the LG G3, but today in China they have become almost an expected standard in any flagship device.

The manufacturer IUNI has reminded us once again of the cut-throat price vs. spec war taking place in China. Every month we see specs go up and prices go down, and this month has been no exception. Introducing the IUNI U3: a 5.5" phone that has almost everything you could ever want for the ridiculously low price of $325.

IUNI U3 launch party. ¥1,999 is approximately $325.

Although you'd expect Mediatek chipsets at prices this low, the IUNI U3 is packing the quad-core Qualcomm Snapdragon 801 chipset-- the same chipset you'll find in the Lenovo Vibe Z2, LG G3 or the HTC One M8. The difference is however that this new smartphone comes with dual-sim support, which is a bonus that isn't often seen in phones released in the U.K or the U.S.

Memory, both RAM and on-board storage, wasn't skimped on either. It has a healthy 3GB of RAM and a reasonable 32GB of on-board storage, making the phone more than suitable for even the more intensive stuff. If 32GB of storage isn't enough, then it's worth mentioning that the phone is also micro-SD expandable.

Do you remember the extremely hyped "Ultrapixel" camera that was included in the HTC One? That's the selfie (front facing) camera included in this smartphone. The rear camera has has 13 megapixel sensor with an f/2.0 aperture. Oh, it has optical image stabilization too, similar to what you'd find in the Lumia 925.

The phone isn't exactly slim: It measures in at a little over 10mm at it's thickest point.

The full list of specs are as follows:

5.5" 2K 1440p, QHD display

2.3ghz Qualcomm Snapdragon 801 chipset

3GB RAM

32GB on-board storage

4G LTE support

Dual-sim support

Corning Gorilla Glass

4MP "Ultrapixel" front camera

13MP f/2.0 rear camera w/ OIS

Android 4.4 KitKat

3000mAh battery

The IUNI U3 will be available for purchase next month in black, white and green variations for $325 (which is £196 for our UK readers).